Wednesday, September 15, 2010

Plains Exploration (NYSE:PXP) Upgraded by Hapoalim Securities

Hapoalim Securities upgraded Plains Exploration (NYSE:PXP) to "Buy," with a price target of $30.

"While PXP decides what to do with $1.4 billion bank credit, and $1.4 billion Cash ($2.8 billion), we believe there is an opportunity to own the stock on 2011 metrics post sale: production per debt adjusted share, cash margins, capital intensity, and EV/CF versus peers," said Hapoalim.

Most of Plains development, exploration, and production of oil and gas properties is performed in the U.S.

Plains closed Tuesday at $25.60, up $0.12, or 0.47 percent.

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